2025CFA一级《伦理与职业操守》测试

2025CFA一级《伦理与职业操守》测试考试时间：______分钟总分：______分姓名：______PartA:MultipleChoiceQuestions1.AninvestmentprofessionalrecommendstwostockstoClientX.StockAisacompanyinwhichClientXholdsasignificantpositionandhasprovidedtheinvestmentprofessionalwithnon-public,positiveinformation.StockBisacompanywithnosuchconnection.TheinvestmentprofessionalbasestherecommendationforStockAprimarilyonthenon-publicinformationreceivedfromClientX.Whichofthefollowingbestdescribestheconflictofinterestarisingfromthissituationandtheappropriatecourseofactionfortheinvestmentprofessional?a.Thisdoesnotcreateaconflictofinterestastherecommendationisbasedonthoroughanalysis.Theprofessionalshoulddocumenttheanalysisprocess.b.Thiscreatesaninherentconflictofinterestduetothenon-publicinformation.TheprofessionalmustobtainClientX'sconsentbeforerecommendingStockAandmustdisclosethebasisfortherecommendationandthenon-publicinformationreceived.c.Thiscreatesanextrinsicconflictofinterest.TheprofessionalshouldrecommendbothstocksequallyanddisclosethepersonalconnectiontoClientXregardingStockA.d.ThisdoesnotmeetthedefinitionofaconflictofinterestunderStandardsofProfessionalConductbecausetherecommendationisnotbasedontheprofessional'sownexpertiseanddiligence.2.Aportfoliomanagerisevaluatingpotentialresearchideas.Oneideainvolvesanalyzingasmall,obscurecompanyforwhichthemanagerhasaminor,non-materialpositionthroughafamilytrust.Theresearchcouldpotentiallyleadtoprofitabletradingopportunitiesforthemanager'sfirm.Whichofthefollowingactionsbestreflectstheportfoliomanager'sobligationregardingthisresearchidea?a.Themanagershouldproceedwiththeresearchbutmustensurethatanytradingopportunitiesarisesolelyfromobjectiveanalysisandnotfromthemanager'spriorposition.b.Themanagermustdeclinetheresearchideatoavoidanyperceptionofbias,giventheminorpositionheldthroughthefamilytrust.c.Themanagershouldproceedwiththeresearchbutmustfullydisclosetheminorpositioninthefamilytrusttothefirm'scompliancedepartmentandobtainapprovalbeforeproceeding.d.Themanagercanconducttheresearchifthepotentialprofitsaredeemedinsufficienttocreateaconflictofinterest.3.AnanalystpreparesaresearchreportonCompanyZ.Thereportisbasedonpubliclyavailableinformationandtheanalyst'sownindependentanalysis.However,theanalystowns500sharesofCompanyZ,whichrepresentsanegligibleportionoftheanalyst'stotalportfolio.Theanalystplanstopublishthereportandpotentiallyrecommendthestocktoclients.WhichofthefollowingactionsismostappropriatefortheanalysttofulfilltheirdutiestotheemployerandtheCFAInstitute?a.Includeafootnoteinthereportstatingownershipof500sharesofCompanyZanddisclosesnootherinformation.b.Includeadetailedsectioninthereportexplainingtherationalefortheownershipandhowitinfluencedtheanalysis.c.Disclosetheownershipof500sharesinthereport'sownershiptablebutmakenoothermentionoftheposition.d.DonotdisclosetheownershipasitisanegligibleamountanddoesnotmeetthecriteriaformaterialityunderStandardVI.4.Aclientapproachesaninvestmentadvisorandprovidestheadvisorwithalistofstockstheclientwishestosell.Theclienthasnotauthorizedtheadvisortomakeanydecisionsregardingthepurchaseorsaleofthesestocks.Theinvestmentadvisorproceedstosellallthestocksontheclient'slistandrecommendsreplacingthemwithadifferentsetofstockschosenbytheadvisor.Whichofthefollowingbestdescribestheinvestmentadvisor'sactionsinrelationtoStandardII(A)(DutytoClient)?a.Theadvisor'sactionsarepermissibleaslongastherecommendedreplacementstocksaresuitablefortheclient'sinvestmentobjectives.b.TheadvisorhasviolatedStandardII(A)byactingonbehalfoftheclientwithoutexplicitauthorizationtopurchasesecurities.c.Theadvisorhasfulfilledtheirdutybymanagingtheclient'sassetsaccordingtotheirownexpertise,evenwithoutspecificauthorizationtobuy.d.Theadvisor'sactionsarepermissibleiftheadvisoractsinthebestinterestoftheclient,whichisdefinedasmaximizingreturns.5.Aninvestmentmanagerfrequentlyhostslavishdinnersandprovidesexpensivesportscarstokeyclientsasgifts.Themanagerjustifiesthesegiftsbyarguingthattheyarestandardindustrypracticesandarenecessarytomaintaingoodclientrelationships.Thegiftsareconsideredsubstantialbyindustrystandards.Whichofthefollowingisthemostappropriateevaluationofthemanager'sactionsbasedonStandardVIII(Gifts,Hospitality,andEntertainment)?a.Thegiftsareacceptableastheyarecommonintheindustryandcontributetobuildingclientrelationships,providedthemanager'sfirmhasanacceptablegiftpolicy.b.Thegiftsmaybeacceptableifthemanagercandemonstratethattheclientswouldhavereadilyacceptedthemwithoutfeelinganypressure.c.ThemanagerhaslikelyviolatedStandardVIIIbecausethegiftsaresubstantialandcouldimpairthemanager'sobjectivityorcreateasenseofobligationintheclients.d.Thepermissibilityofthegiftsdependsonwhetherthemanager'sfirmhaspre-approvedthemunderanestablishedgiftpolicy.6.AfinancialplannerisprovidinginvestmentadvicetoClientY.Theplannerrecommendsacomplexstructuredproductthatgeneratesasubstantialcommission.Theplannerknowsthattheproductcarriessignificantrisksthatarenotfullyexplainedinthesimplifiedmarketingmaterialsprovided.TheplannerfailstoadequatelydisclosetherisksandthenatureofthecommissionstructuretoClientY.Whichofthefollowingbestdescribestheplanner'sprimaryviolationoftheStandardsofProfessionalConduct?a.StandardI(B)(Objectivity)ifthecommissioninfluencedtherecommendation.b.StandardII(A)(DutytoClient)duetothefailuretoprovidefulldisclosureandactintheclient'sbestinterest.c.StandardIII(A)(MarketManipulation)iftheplannermisrepresentedtheproduct'srisks.d.StandardV(Confidentiality)iftheplannerdisclosedinformationaboutClientYwithoutconsent.7.Anemployeeworkingataninvestmentbanklearnsthatacloserelativeisabouttoinheritasignificantamountofmoneyandwilllikelyinvestitthroughthebankwheretheemployeeworks.Theemployeeusesthisinformationtoinformfriendswhoarealsoclientsofthebank,suggestingtheyinvestinspecificsecuritiesthattherelativeisconsidering.Whichofthefollowingbestdescribestheethicalissueandtheappropriatecourseofactionfortheemployee?a.Theemployeeisnotviolatinganystandardsastheinformationisnon-confidentialandtherecommendationsarebasedonpublicknowledge.b.TheemployeehasviolatedStandardIV(A)(DutytoCFAInstitute)bypotentiallyharmingthebank'sreputationiftherelatives'investmentsunderperform.c.TheemployeehasviolatedStandardVI(ConflictofInterest)andpotentiallyStandardV(Confidentiality)byusingnon-publicinformation(therelative'simpendinginvestment)andpotentiallyviolatingthedutytomaintainconfidentialityregardingclientinformationandthedutytotreatclientsfairly.d.Theemployee'sactionsareacceptableaslongastherecommendationsarebasedonthoroughanalysisandnotsolelyonthenon-publicinformationabouttherelative.8.Aportfoliomanagerisanalyzingtwopotentialinvestmentmanagersforinclusioninaclient'sportfolio.ManagerAhasareputationforgeneratinghighreturnsbutusesaggressivetradingstrategies.ManagerBhasmoreconservativestrategiesandgenerateslowerbutmorestablereturns.Theportfoliomanager,influencedbythedesiretomeetaperformancetargetfortheclient,selectsManagerAwithoutadequatelyevaluatingtheassociatedrisksorcomparingManagerA'sperformancetoareasonablebenchmark.Whichofthefollowingbestdescribestheportfoliomanager'spotentialviolationoftheStandardsofProfessionalConduct?a.StandardI(A)(Honesty)ifthemanagerknowsthestrategyisexcessivelyriskybuthidesit.b.StandardII(B)(DutytoEmployer)ifthemanagerismotivatedbyapersonalbonustiedtotheportfolio'sperformance.c.StandardVI(ConflictofInterest)ifthemanager'spersonalgain(meetingtargets)conflictswiththeclient'sbestinterest(appropriateriskmanagement).d.StandardVII(Communication)ifthemanagerfailstoclearlyexplainthestrategyandrisksofManagerAtotheclient.PartB:Scenario-basedQuestions9.Aninvestmentadvisor,Sarah,ismeetingwithClientZ,along-termclientwhohasbeeninvestingwithSarahforovertenyears.ClientZrecentlyinheritedasignificantamountofwealthandhasapproachedSarahtodiscusshowtoallocatethisnewcapital.Duringthemeeting,SarahmentionsthatshepersonallyownsasubstantialportionofStockP,acompanyinwhichClientZhasexpressedinterest.Sarahownshersharesthroughaprivateinvestmentfirmandhasreceivedsignificantnon-publicpositiveinformationaboutthecompany'supcomingproductlaunch.Sarahhasnotdisclosedherownershiporthenon-publicinformationtoClientZ.ClientZasksSarahforherrecommendationonStockP,emphasizingthatshetrustsSarah'sjudgment.SarahrecommendsStockPstrongly,highlightingitspotentialgrowthbasedonherpersonalanalysisandownership.Basedonthescenarioabove,identifytheprimaryconflictofinterestarisingfromSarah'ssituationandthemostcriticalactionsSarahmusttaketocomplywiththeStandardsofProfessionalConduct.Explaintherationaleforyouranswer.10.Aresearchanalyst,David,worksforFirmX.DavidisconductingfundamentalresearchonCompanyQ,acompetitorofFirmX'sclient,CompanyR.Duringhisresearch,DaviddiscoversthatCompanyRprovidedsignificantfundingforanindustryconferencewhereDavidrecentlypresentedresearchonCompanyQ.DavidalsolearnsthattheCEOofCompanyRwasakeyspeakerattheconferenceandprovidedDavidwithabusinesscardafterhispresentation,mentioningapotentialfuturecollaboration.David'scurrentresearchonCompanyQis尚未完成andhasnotyetbeenpublished.Daviddiscussestheinteractionwithhissupervisor,whosuggeststhatthepositiveimpressionfromtheconferencemightbeusefulforfuturebusinessdevelopmentandimpliesit'sacceptabletousethispositiveinteractionasaslightpositivebiasinthereport.EvaluatetheethicalimplicationsofDavid'ssituationandthesupervisor'ssuggestion.DeterminewhichStandardsofProfessionalConductarepotentiallyviolatedandexplainwhy.DescribetheappropriatecourseofactionforDavidandhissupervisor.11.Aportfoliomanager,Alex,ismanagingaportfolioforClientW.AlexdiscoversthatamajorshareholderofClientW'scompany,CompanyS,isplanningtosellasignificantportionoftheirsharesinCompanyS.Thisinformationiscurrentlynon-public.Alexisawareofthisthroughareliablesourcewithintheindustry.AleximmediatelyusesthisinformationtoexecutetradesinCompanyS,generatingsubstantialprofitsfortheportfoliomanagedbyAlex.Alextheninformsaclosefriend,whoisnotaclientofthefirm,aboutthesourceoftheinformationandsuggeststhefriendconsiderinvestinginCompanyS.Alex'sfirmhasapolicyrequiringdisclosureofnon-materialbeneficialownership,butthesharesAlexholdsareconsideredtoosmalltomeetthefirm'sdefinitionofmateriality.AnalyzeAlex'sactionsinrelationtotheStandardsofProfessionalConduct.Identifythespecificstandardspotentiallyviolatedandexplaintheethicalbreachineachcase.DiscusstheconsequencesAlexmightfaceandthestepsAlexshouldtaketorectifythesituationifpossible.12.Afinancialplanner,Maria,ispreparingafinancialplanforClientV.TheplanincludesrecommendationsforvariousinvestmentproductsofferedbythefirmwhereMariaworks.Mariaincludesaproductthatinvolvescomplexderivativesandhasahighfeestructure.Mariaknowsthattheproductisdifficulttounderstandandcarriessignificantrisks,butshestronglyrecommendsittoClientV,emphasizingthepotentialhighreturns.Mariafailstoprovideafullandfairdisclosureoftheproduct'srisks,complexity,andfeestructure,focusinginsteadonthepotentialpositiveoutcomes.ClientVagreestoinvestbasedonMaria'spresentation.Aftertheinvestmentismade,ClientVexperiencessignificantlossesduetotheproduct'svolatilityandcomplexity.ClientVlaterdiscoversthatMariahadreceivedasubstantialcommissionforsellingtheproduct.DiscusstheethicalissuespresentedinthisscenariobasedontheStandardsofProfessionalConduct.IdentifythestandardsthatMariahaslikelyviolatedandexplainthenatureofherviolations.EvaluateMaria'sdutytoClientVandherdutytoactwithhonestyandintegrityinthissituation.试卷答案PartA:MultipleChoiceQuestions1.b*解析思路：情景中，投资专业人士基于非公开信息（来自客户）推荐股票，这直接违反了客户职责中的诚信和合理依据原则。这构成了一个因非公开信息而产生的内在利益冲突。根据标准，处理此类冲突需要充分披露信息来源、推荐依据，并可能需要获得客户的同意。选项b最准确地描述了冲突的性质和恰当的处理方式。2.c*解析思路：情景中，分析师对持有小额股份的公司进行研究，这可能导致利益冲突。虽然股份“微不足道”，但进行相关研究的动机可能引发疑问。根据标准，潜在的利益冲突应被识别并披露给雇主（合规部门），以进行评估和批准。进行实际研究前获得批准是负责任的做法。选项c符合标准的要求。3.c*解析思路：情景描述了分析师持有少量公司股份并计划发布研究报告。根据标准，分析师必须披露其直接经济利益，即使金额很小。标准的所有权表是进行此类披露的标准方式。只要股份金额确实微不足道，且不构成对研究客观性的实质性影响，这种披露方式是适当的。选项c是标准的披露要求。4.b*解析思路：情景中，投资顾问在未获得客户明确授权的情况下，既卖掉了客户指定的股票，又推荐了新的股票。这违反了客户职责（StandardII(A)）中关于“未经明确授权不得为客户买卖证券”的规定。顾问的行为超越了客户的指令，构成了不当行为。5.c*解析思路：情景中，投资经理赠送的礼物“被认为在行业标准中是重大的”，这远超了通常可接受的范围。根据标准VIII，重大的礼物或款待可能妨碍客观性、产生义务感或损害CFA协会声誉。即使礼物是行业惯例，如果其性质是重大的，也可能是不被允许的。选项c最准确地评估了这种情况的潜在违规性。6.b*解析思路：情景的核心问题是投资顾问未能履行对客户的“忠实义务”